Udaan became a unicorn in 2018 and has a valuation of $1.8B as of June 2025. The company is preparing for a public listing by raising Series G funding of $114 million led by M&G Investments and Lightspeed Venture Partners. Udaan stands 1st in terms of total funding among its competitors, positioning itself as a market leader in India's B2B e-commerce space.
Cyborg Score Rationale
Udaan has achieved dominant market position (70% share), secured $1.99B in funding across 18 rounds, and maintains profitability trajectory with 19% loss reduction (FY24 vs FY23). However, modest revenue growth (1.7% in FY24) and ongoing private status ahead of delayed IPO indicate execution challenges despite strong fundamentals.
Top Insights
Net losses declined 19% in FY24 to INR 1,674.1 crore from INR 2,075.9 crore in FY23, demonstrating improving path to profitability
Udaan secured its most recent funding round in June 2025, strengthening runway for IPO preparations
Top competitors include Moglix, Solv and LOTS Wholesale, indicating competitive intensity in B2B wholesale
As of August 31, 2025, Udaan has 1,835 employees, showing lean operational model
Named Competitors
Moglix — B2B industrial marketplace
OfBusiness — B2B procurement and credit platform
Jio Mart — B2B wholesale e-commerce
Amazon Business — B2B wholesale platform
Recent Developments
(June 2025) Completed Series G funding with $114 million from M&G Investments and Lightspeed Venture Partners
(February 2025) Raised $75 million tranche at $1.8 billion valuation
(February 2025) Reported 65% rise in overall business in 2024
Open the full interactive Udaan report
Strategic research, analyst-debate audio, full Cyborg Score breakdown across 11 dimensions, and saved-company audio playlists.